Dean Solon - Dec 7, 2021 Form 4 Insider Report for Shoals Technologies Group, Inc. (SHLS)

Role: Director, 10%+ Owner
Signature: /s/ Mehgan Peetz, as Attorney-in-Fact for Dean Solon
Stock symbol: SHLS
Transactions as of: Dec 7, 2021
Transactions value $: $0
Form type: 4
Date filed: 12/9/2021, 08:38 PM
Previous filing: Jul 27, 2021
Next filing: Feb 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHLS	Class B Common Stock	Conversion of derivative security		-6M	-10.7%		50.1M	Dec 7, 2021	See Footnote	F1, F2, F3
transaction	SHLS	Class A Common Stock	Conversion of derivative security		+6M	+13.61%		50.1M	Dec 7, 2021	See Footnote	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SHLS	Common Units	Conversion of derivative security		-6M	-10.7%		50.1M	Dec 7, 2021	Class A Common Stock	6M		See Footnote	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the Third Amended and Restated Limited Liability Company Agreement of Shoals Parent LLC ("Parent"), Dean Solon, Holdco I and Holdco II may, subject to certain exceptions, from time to time at each of their options, require Parent to redeem all or a portion of their Parent common units ("Common Units") (together with an equal number of shares of the Issuer's Class B Common Stock which are forfeited for no consideration) in exchange for, at the Issuer's election (determined solely by a majority of the Issuer's directors who are disinterested), newly issued shares of the Issuer's Class A Common Stock on a one-for-one basis or a cash payment equal to a volume-weighted average market price of one share of Class A Common Stock for each Common Unit so redeemed.
F2	This Form 4 is being filed jointly by (each, a "Reporting Person" and, collectively, the "Reporting Persons") (i) Dean Solon, (ii) Solon Holdco I, GP ("Holdco I"); (iii) Solon Holdco II, GP ("Holdco II") and (iv) Solon Holdco III, LLC ("Holdco III").
F3	In connection with the expiration of the post-IPO related lockup, the Reporting Persons converted Common Units (together with a corresponding number of shares of the Issuer's Class B Common Stock) into an equivalent number of shares of the Issuer's Class A Common Stock.